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Latest Accounting News

Fuel Tax Claim Potential Errors in prior period BAS returns

From 30 March 2022 to 28 September 2022, businesses that acquired fuel for use in heavy
vehicles for travelling on public roads couldn’t claim fuel tax credits.

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This is because the road user charge was more than the excise duty paid, which reduced the fuel tax credit rate
to nil.
Without realising this change, many businesses claimed the normal (old) fuel tax credit during this period in June 2022 Business Activity Statement (BAS).
To correct the overclaim, a correction can be made on the next quarterly BAS to decrease fuel tax credit amount, by including at label 7C (Fuel tax credit over claim).
If your GST turnover is less than $20m, this error must be corrected within 18 months.
 
 
 
 
 
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